Another option i am exploring is renting my condo out to my parents or in-laws for a year or two. Are there any tax benefits or traps to look out for when renting to family?
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07-10-2023, 11:38 AM #126
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07-10-2023, 11:45 AM #127
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Well how are you accounting for your rental to begin with? Have you talking to your mortgage holder about it not being your primary residence. What expenses are you deducting and what income are you declaring. Many small time landlords, specially on the STR side, basically make up there own rules and get away with it. They either treat it as a second home and don't declare the income or they treat it like a business and deduct everything under the sun.
Originally Posted by californiagrown
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07-10-2023, 12:18 PM #128
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Mortgage company knows its not my primary residence, and it is treated on my taxes as an income producing rental and i deduct legitimate expenses as allowed. I guess my question is really how do things change (if at all) by renting to my parents or family? Originally Posted by Foggy_Goggles
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07-10-2023, 12:24 PM #129
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Well you could let them stay for free and except the 34k family gift allowance. Again, they are your rules to bend. I'm a business owner and a landlord. I follow the IRS and state tax laws. Most of my friends don't. Based on what I see, the tax code basically goes on the honor system.
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07-10-2023, 12:39 PM #130
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As Foggy kind of suggested, if the rents to family are at market it is all good and the same as any tenant at tax time. If below market then you will have to follow the gift rules per the IRS.
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07-10-2023, 01:49 PM #131
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07-10-2023, 01:55 PM #132
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